BharatPe and Ashneer Grover resolve legal dispute: Know settlement details
What's the story
Fintech company BharatPe and its co-founder Ashneer Grover have finally reached a definitive settlement, putting an end to a lengthy and highly publicized dispute. As per the deal, Grover won't be linked to the company anymore. Plus, all his shares will be handed over to a family trust. Both parties have also agreed to withdraw all pending legal cases against each other.
Share transfer
Grover's exit and share transfer plan
Grover will no longer be associated with BharatPe in any capacity. This includes severing ties as an employee, board member, or shareholder. A portion of Grover's shares will be transferred to a "Resilient Growth Trust" established for the benefit of BharatPe. The remaining shares will be managed by a family trust controlled by Grover. This settlement marks a significant development for BharatPe as it removes a major source of uncertainty for investors and potentially paves the way for future growth.
Confidence expressed
Grover expresses faith in BharatPe's management
Grover is backing BharatPe's team, saying they're doing a bang-up job steering the company toward success. In a post on X, he wrote, "I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction." "I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders."
Twitter Post
Take a look at Grover's post
I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company's growth and
— Ashneer Grover (@Ashneer_Grover) September 30, 2024
success. I will no longer be associated with… pic.twitter.com/gB3Pla5qQZ
Legal history
BharatPe's legal battle with Grover began in 2022
The public fallout began in 2022 when BharatPe accused Grover and his wife, Madhuri Jain, of financial irregularities. The company alleged misappropriation of funds exceeding ₹81 crore through various means, including inflated vendor costs, fake HR consultants, and forged invoices. Grover vehemently denied these accusations, sparking a public feud that played out in media headlines for months.